The S&P/ASX 200 added 0.1 per cent at the opening bell as rising oil, copper, silver, and gold prices pushed the energy and materials sectors higher.
Newmont Gold added 0.8 per cent to $63.85 and gold play Evolution rose 1 per cent to $3.98. Elsewhere, diversified commodities group South32 advanced 1 per cent to $3.92.
Oil rebounded with the focus on an OPEC+ supply meeting on Sunday and US demand at the start of the summer driving season.
The Australian dollar gained 0.5 per cent to US66.57¢ “supported by higher commodity prices and a lift in US equity futures”, National Australia Bank said.
In Europe, carmakers and utilities led a modest advance on the Stoxx 600, but turnover was less than half the 20-day average for the time of day.
On interest rates, the European Central Bank shouldn’t rule out lowering borrowing costs at both its June and July meetings, Governing Council member Francois Villeroy de Galhau told Germany’s Boersen-Zeitung newspaper.
Stocks in focus
The uranium sector is among the worst performers, with Boss Energy down 6.7 per cent after its chief executive sold more than $20 million worth of shares in the South Australian producer.
Car dealership group Peter Warren Automotive has issued a profit warning, saying margins are being squeezed by more competition in the sector as sales slow amid a household cost-of-living squeeze. Shares lost 9.6 per cent to $1.94.
Medical software darling Pro Medicus has revealed five new contract wins in the US worth a minimum total of $45 million. The stock added 2.7 per cent to $116.31.
Online gaming business Playside Studios has lifted its guidance for EBITDA (operating income) for financial 2024 to between $16 million and $18 million from prior guidance between $11 million and $13 million. Playside shares jumped 13.8 per cent to $1.03.